The world’s highest inflation rates remain concentrated in a small group of economies where prices continue to rise rapidly due to weak currencies, supply disruptions, and broader economic challenges.
As of May 2026, Venezuela recorded the highest inflation rate globally at 524.49%, while Pakistan and Ethiopia occupied the final positions on the ranking with inflation rates of 11.70%.
This ranking is based on the latest available inflation data compiled from national statistics agencies and central banks as of May 2026, covering countries with publicly available inflation rate data.
The 15 countries cut across Africa, South America, Asia, and North America.
Africa accounts for the largest share of countries on the list, with Malawi, Nigeria, Egypt, Libya, Rwanda, and Ethiopia among the countries experiencing elevated inflation.
South America is represented by Venezuela, Argentina, and Bolivia, and North America by Cuba and Haiti. Asia is represented by Iran, Turkey, Pakistan, and Lebanon.
South Sudan’s latest available inflation rate of 58.21% would have made it the second most inflationary country in the world on this ranking.
However, it was excluded because the latest available data was more than 12 months old dating back to May 2025. The ranking nevertheless shows that inflation remains a major economic problem globally.
Top 15 countries with the highest inflation rate based on available data
15. Pakistan – 11.70%
Pakistan recorded an inflation rate of 11.70% in May 2026, up from 10.90% previously, increasing by 0.80 percentage points.
The rise shows continued pressure on household consumption, particularly from food and energy-related costs. Despite the upward trend, inflation remains significantly lower than the highest recorded during the 2022 to 2023 inflation period, when price pressures were far more severe.
14. Ethiopia – 11.70%
Ethiopia recorded an inflation rate of 11.70% in April 2026, up from 9.40% previously, a 2.30 percentage point increase.
The acceleration was influenced largely by persistent food inflation, as well as disruption in supply that continues to affect local production and distribution. High foreign exchange also affects imported inflation, keeping overall price levels elevated.
13. Bolivia – 12.51%
Bolivia recorded inflation of 12.51% in May, down from 14.18% in April, with a 1.67 percentage points decline.
The moderation happened because price pressures in selected household spending were easing, giving slight stabilization in monthly price trends. However, inflation remains high relative to other countries in the region. This shows that underlying structural issues still exist.
12. Rwanda – 12.90%
Rwanda’s inflation rate eased slightly to 12.90% in May 2026 from 13.00% in April, decreasing by 0.10 percentage point.
The decline was influenced by lower housing, water, and energy costs during the month. However, inflation remains high, with healthcare costs rising 71.6% year-on-year, transport costs increasing 24.5%, and energy prices rising 44.4%.
11. Libya – 14.30%
Libya’s inflation rate increased to 14.30% in April 2026 by 1.90 percentage points from the previous 12.40%.
Consistent economic instability and disruption in supply affect both imported and locally distributed goods. Weak infrastructure and uneven supply chains also amplify price volatility across consumer markets.
10. Egypt – 14.60%
Egypt recorded inflation of 14.60% in May, that is slightly lower than the 14.90% reported in April by 0.30 percentage points.
Prices are starting to ease in some inflation components, even though inflation is still high structurally. Food and transport costs still account for a significant share of overall movements in price.
9. Cuba – 15.89%
Cuba posted inflation of 15.89% in May 2026, up from 14.73%, representing a 1.16 percentage points increase.
Persistent supply shortages and foreign exchange volatility limit import capacity. These pressures have continued to filter into consumer prices across essential goods.
8. Nigeria – 15.93%
Nigeria’s headline inflation rate rose to 15.93% in May from 15.69% in April by 0.24 percentage points.
The increase occurred largely due to higher food, transportation, and energy costs, although inflation remains significantly below the levels recorded in previous years.
7. Lebanon – 20.02%
Lebanon’s inflation rate climbed sharply by 2.76 percentage points to 20.02% in April 2026 from 17.26% in March.
The country’s ongoing economic and currency challenges influenced the rise in inflation. Imported inflation also dominates price trends because the country heavily relies on external goods and services.
6. Haiti – 21.00%
Haiti recorded inflation of 21.00% in April, a 0.40 percentage point increase compared with 20.60% in March.
Higher cost of importation and constant disruptions in supply chain drove prices high. Limited domestic production capacity also exposes the economy to external price shocks.
5. Malawi – 24.30%
Malawi’s inflation rate increased to 24.30% in April from 23.80%.
Food prices remain a major factor driving inflation in this country, exposing inadequate agricultural output trying to satisfy household consumption.
4. Turkey – 32.61%
Turkey recorded annual inflation of 32.61% in May 2026, slightly up from 32.37% in April, a 0.24 percentage point increase.
Food prices fell 0.48% month-on-month, bolstered by favorable weather and farming season.
Although inflation fell significantly from the extreme levels recorded in recent years, Turkey is still among the world’s most inflationary economies.
3. Argentina – 33.20%
Argentina recorded annual inflation of 33.20% in May 2026, up from 32.40% in April.
Monthly inflation slowed for the second consecutive month to 2.1%, down from 2.6% in April but it is below analysts’ forecast of 2.3%.
Seasonal food prices were the biggest monthly driver, increasing by 3.5%. Fuel, electricity, and water costs also climbed 2.4%, while clothing and footwear saw the smallest increase at just 0.3%.
The economy minister Luis Caputo projected that annual inflation could fall to about 20% in coming months if the economy avoids new disruptions.
2. Iran – 57.70%
Iran recorded inflation of 57.70% in May 2026, up from 50.60% in April, the sharpest increase on the ranking.
The rise is driven by weakening currency, disruptions in trade and supply chain, as well as rising inflation expectations. The goods index alone surged 113.8% compared to the corresponding period last year. This points to severe pressure on everyday household spending.
1. Venezuela – 524.49%
Venezuela remains the world’s most inflationary economy with an inflation rate of 524.49% in May 2026, down from 611.86% in April 2026.
Venezuela’s inflation rate is almost ten times higher than Iran’s 57.70%, the second highest rate on the ranking.
The monthly outcome looks different. The Central Bank of Venezuela reported monthly inflation of 6.3% in May, the lowest in 19 months, down from January’s level of 32.6%. The improvement follows the lifting of US sanctions on the Banco Central de Venezuela (BCV) in April, although the bolívar still lost roughly 45% of its value against the dollar in 2026, keeping annual inflation above 500% and prices far from stable.
What you should know
One factor that could affect global inflation in the coming months is the reopening of the Strait of Hormuz, a key global oil shipping route. Fewer disruptions along the route could help reduce oil and shipping costs significantly, reducing pressure on fuel, transportation, and imported goods.
This would provide some relief to inflation, particularly in countries that depend heavily on crude oil and imports.
Globally, central banks have strived to maintain relatively tight monetary policies in an effort to curb inflation.
Higher interest rates have helped slow price growth in some economies, but inflation remains stubbornly high in countries facing structural economic challenges, weak currencies, and supply shortages.
For businesses and investors, inflation remains one of the most closely watched economic indicators because it directly impacts consumer spending, borrowing costs, corporate profitability, and investment decisions.
Countries that successfully reduce inflation typically create a more stable environment for economic growth and industrial development.
